Tuesday, 26 October 2021 08:30 GMT

Venezuela approves key contract to swap its heavy oil for Iranian condensate

(MENAFN)According to five people close to the deal, Venezuela approved a key contract to exchange its heavy oil for Iranian condensate that it can implement to enhance the quality of its tar-like crude, with the first cargoes.

The agreement amid state-run firms Petroleos de Venezuela (PDVSA) and National Iranian Oil Company (NIOC) improved the collaboration amid two of Washington’s foes, while the South American country is planning to increase its flagging oil exports in the face of US sanctions.

The mentioned deal aimed to last for six months in its first phase, but could be lengthened.

The oil ministries of Venezuela and Iran, and state-run PDVSA and NIOC did not respond to requests for declaration.

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